Its important!The whales may be creating this as you say, but it is a ploy to trick the chickenhearted and the disillusioned to sell and loss big. Then comes the bend or turn that drives the prices right up, making the poor sighted why he ever sold in the first place.
HODL guys!
You do understand that once the loss hits 50%-70% it is virtually impossible from a psychological point of view to not take the loss, the human brain hits a pain threshold which cannot be sustained unless you understand what happens next in a very timely manner, which the markets won't allow.